Lockheed Martin (NYSE: LMT) has agreed to acquire Ultra Maritime from Cobham Ultra, a portfolio company of private equity firm Advent, for $3.45 billion, according to a press release.

Ultra Maritime specializes in undersea warfare solutions, including anti-submarine warfare systems, sonobuoy technology, sonar, radar, and torpedo countermeasures. The company has reported annual revenue growth of approximately 17% per year since Advent acquired it in 2022.

During Advent's ownership, the firm invested approximately $170 million in product development and manufacturing capabilities. That investment included building out Ultra Maritime's position as an independent, end-to-end sonobuoy provider.

In 2025, Ultra Maritime announced partnerships with Anduril Industries and General Atomics Aeronautical Systems related to autonomous ocean sensing and unmanned airborne anti-submarine warfare capabilities, respectively.

Stephanie C. Hill, President of Lockheed Martin Rotary and Mission Systems, said, "Undersea superiority belongs to those who move fastest and work together best. By joining forces with Ultra, we're accelerating our commitment to deliver the most advanced undersea and anti-submarine warfare capabilities to our U.S. and allied partners across the globe."

The transaction remains subject to customary regulatory approvals and closing conditions.